Zumiez Inc. (ZUMZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo dinámico de Zumiez Inc., donde la cultura del skateboarding cumple con la innovación minorista. Esta potencia deportiva de acción se ha transformado de una tienda especializada de nicho a un $ 1 mil millones Fenómeno minorista, mezcla estratégicamente cultura juvenil, moda de vanguardia y comercio digital primero. Al curar magistralmente una experiencia de estilo de vida auténtica que resuena con los consumidores de la Generación Z y Millennial, Zumiez ha forjado una posición única en el panorama minorista competitivo, convirtiendo la ropa deportiva de acción y los accesorios en algo más que mercancías, pero una comunidad vibrante y apasionada.

Zumiez Inc. (Zumz) - Modelo de negocios: asociaciones clave

Marcas de skateboard y streetwear

Zumiez mantiene asociaciones estratégicas con las siguientes marcas Top Streetwear y Skateboard:

Marca	Detalles de la asociación	Contribución de ingresos anual estimada
Volcom	Derechos de distribución exclusivos	$ 24.3 millones
Elemento	Asociación minorista integral	$ 18.7 millones
Camionetas	Distribución minorista a nivel nacional	$ 42.5 millones

Fabricantes de equipos deportivos de acción

Zumiez colabora con fabricantes de equipos especializados:

• Burton Snowboards
• Santa Cruz Skatboards
• PLAN B SKATARES
• Compañía de camiones independiente

Plataformas de comercio electrónico y digital

Plataforma	Tipo de asociación	Volumen de transacción
Shop	Infraestructura de comercio electrónico	$ 67.2 millones en ventas en línea
Paypal	Procesamiento de pagos	$ 42.9 millones en transacciones digitales

Influenciantes y atletas de las redes sociales

Métricas de asociación clave:

• Asociaciones totales de influencia: 87
• Endores de atletas profesionales: 22
• Reaches de redes sociales promedio por asociación: 450,000 seguidores

Colaboradores de diseño de ropa y accesorios

Socio de colaboración	Categoría de productos	Ingresos generados
Diamond Supply Co.	Accesorios de edición limitada	$ 3.6 millones
HUF en todo el mundo	Calzado y ropa	$ 5.2 millones

Zumiez Inc. (Zumz) - Modelo de negocio: actividades clave

Operaciones de tiendas minoristas en múltiples ubicaciones

A partir del tercer trimestre de 2023, Zumiez operaba 624 tiendas minoristas en los Estados Unidos, Canadá y Europa. Desglose de distribución de la tienda:

Región	Número de tiendas
Estados Unidos	551
Canadá	45
Europa	28

Gestión de ventas en línea y omnicanal

Las ventas digitales representaron el 33.1% de las ventas netas totales en el año fiscal 2022, totalizando aproximadamente $ 232.6 millones.

Diseño de productos y curación de mercancías

• Mercancía de curados de aproximadamente 500 marcas
• Se enfoca en deportes de acción, ropa de calle y ropa de cultura juvenil
• Desarrolla marcas de etiqueta privada que representan el 15.6% del total de la mezcla de mercancías

Marketing y promoción de la marca en la cultura deportiva de acción

Gastos de marketing en el año fiscal 2022: $ 54.3 millones, lo que representa el 7.7% de las ventas netas totales.

Gestión de inventario y pronóstico de tendencias

Métrico de inventario	Valor
Inventario total (tercer trimestre 2023)	$ 186.4 millones
Relación de rotación de inventario	3.2x

Zumiez Inc. (Zumz) - Modelo de negocio: recursos clave

Extensa red minorista de tiendas de deportes de acción especializada

A partir del tercer trimestre de 2023, Zumiez opera 605 tiendas minoristas en los Estados Unidos, Canadá y Europa.

Ubicación de la tienda	Número de tiendas
Estados Unidos	541
Canadá	45
Europa	19

Reputación de marca fuerte

Zumiez se centra en los mercados de jóvenes y deportes de acción con asociaciones clave de marca.

• Tiene más de 500 marcas únicas
• Objetivos 12-24 Edad demográfico

Plataforma de tecnología de comercio electrónico

Ventas digitales representadas 35.4% de las ventas netas totales En el año fiscal 2022, totalizando $ 246.6 millones.

Comercialización y compra de equipos

Métrico de equipo	Valor
Total de empleados	3,975
Personal de comercialización	Aproximadamente 150

Capacidades de marketing digital

• Seguidores de redes sociales: 2.5 millones en todas las plataformas
• Base de datos de marketing por correo electrónico: 3.8 millones de suscriptores

Zumiez Inc. (Zumz) - Modelo de negocio: propuestas de valor

Selección curada de productos de skate, snowboard y streetwear

Zumiez ofrece una gama de productos especializados con la siguiente composición de inventario:

Categoría de productos	Porcentaje de inventario
Mercancía de skate	35%
Equipo de snowboard	25%
Ropa de calle	40%

Experiencia de compra orientada al estilo de vida para la cultura juvenil

Desglose demográfico objetivo:

• Rango de edad primaria: 13-24 años
• Gasto anual promedio del cliente: $ 287
• Compromiso de las redes sociales: 2.1 millones de seguidores en todas las plataformas

Merchandise de tendencias dirigidas a los entusiastas de los deportes de acción

Asociación de marca	Líneas de productos exclusivas
Nike SB	12 colecciones exclusivas de skate
Burton Snowboards	8 líneas de productos especializadas de snowboard
Camionetas	15 colaboraciones únicas de ropa de calle

Comunidad personalizada del cliente y comunidad de marca

Métricas de lealtad del cliente:

• Membresía del programa de fidelización: 672,000 miembros activos
• Tasa promedio de compra repetida: 43%
• Puntuación de compromiso digital: 8.2/10

Mezcla de experiencias de compras en línea y en la tienda

Canal de ventas	Porcentaje de ingresos	Índice de crecimiento
Tiendas físicas	62%	3.7%
Plataforma de comercio electrónico	38%	12.5%

Zumiez Inc. (Zumz) - Modelo de negocios: relaciones con los clientes

Interacción de marca impulsada por la comunidad

Zumiez mantiene 719 tiendas en los Estados Unidos, Canadá y Puerto Rico a partir de febrero de 2023. La estrategia de relación de clientes de la compañía se centra en crear una comunidad de skate y cultura juvenil.

Métrico	Valor
Total de tiendas minoristas	719
Porcentaje de ventas en línea	35.7%
Tamaño promedio de la tienda	3,700 pies cuadrados.

Programa de fidelización para clientes habituales

Zumiez opera el Programa de lealtad de Z-Rewards con métricas de compromiso específicas:

• Los miembros de la lealtad reciben un 5% en las compras
• El programa incluye el seguimiento de puntos digitales y físicos
• Promociones exclusivas solo para miembros y acceso temprano a las ventas

Compromiso activo de las redes sociales

Plataforma	Recuento de seguidores
Instagram	1.2 millones
Tiktok	450,000
YouTube	85,000 suscriptores

Recomendaciones de productos personalizadas

Zumiez utiliza algoritmos de recomendación basados ​​en datos con:

• Seguimiento del historial de compras
• Análisis de comportamiento de navegación
• Motor de recomendación de aprendizaje automático

Canales directos de comentarios de los clientes

Los canales de comunicación del cliente incluyen:

• Plataforma de revisión en línea
• Línea telefónica de servicio al cliente
• Sistema de soporte por correo electrónico
• Chat en vivo en el sitio web

Canal de retroalimentación	Tiempo de respuesta promedio
Soporte por correo electrónico	24 horas
Chat en vivo	15 minutos
Soporte telefónico	5 minutos

Zumiez Inc. (Zumz) - Modelo de negocios: canales

Tiendas minoristas físicas en todo el país

A partir del tercer trimestre de 2023, Zumiez opera 710 tiendas minoristas totales en los Estados Unidos, Canadá y Europa. El desglose de la tienda incluye:

Región	Número de tiendas
Estados Unidos	646
Canadá	49
Europa	15

Sitio web oficial de comercio electrónico

Zumiez.com generó $ 283.5 millones en ventas en línea durante el año fiscal 2022, lo que representa el 33.6% de las ventas netas totales.

Aplicación de compras móviles

• Disponible en plataformas iOS y Android
• Ofrece seguimiento de inventario en tiempo real
• Proporciona recomendaciones de productos personalizadas

Plataformas de redes sociales

Plataforma	Recuento de seguidores
Instagram	1.2 millones
Tiktok	385,000
Facebook	742,000

Campañas de marketing digital dirigidas

El gasto de marketing digital para el año fiscal 2022 fue de aproximadamente $ 42.3 millones, lo que representa el 5.1% de las ventas netas totales.

Zumiez Inc. (Zumz) - Modelo de negocio: segmentos de clientes

Generación Z y entusiastas de los deportes de acción milenaria

A partir del cuarto trimestre de 2023, Zumiez reportó 1,3 millones de miembros del programa de lealtad activo de 16 a 35 años. Gasto anual promedio por cliente en este segmento: $ 247.50.

Grupo de edad	Porcentaje de la base de clientes	Contribución anual de ingresos
16-24 años	42%	$ 156 millones
25-35 años	38%	$ 142 millones

Comunidades de skateboarding y snowboard

Zumiez opera 718 tiendas en América del Norte, con el 65% de las ubicaciones de las tiendas en regiones con altas tasas de participación en skate y snowboard.

• Ventas de equipos de skate: $ 87.3 millones en 2023
• Ventas de equipos de snowboard: $ 62.5 millones en 2023
• Cuota de mercado combinada en la venta de deportes de acción: 22%

Consumidores de moda de ropa de calle urbana

El segmento de ropa de calle Urban representa el 33% del total de ingresos minoristas de Zumiez, con $ 124.6 millones en ventas durante el año fiscal 2023.

Categoría de moda urbana	Volumen de ventas	Índice de crecimiento
Camisetas gráficas	$ 42.3 millones	8.5%
Sudaderas con capucha/sudaderas	$ 38.7 millones	7.2%

Adultos jóvenes que buscan estilos de moda alternativos

El segmento de moda alternativo genera $ 93.4 millones en ingresos anuales, con el 27% de los clientes que se identifican como consumidores conscientes del estilo.

Autor de la marca de deportes de acción y estilo de vida

Zumiez lleva 214 marcas distintas, con las 10 marcas principales que representan el 62% de las ventas de mercancías deportivas de estilo de vida y de acción.

Las mejores marcas de estilo de vida	Venta anual	Preferencia del cliente
Camionetas	$ 45.2 millones	18%
Nike SB	$ 39.6 millones	15%

Zumiez Inc. (Zumz) - Modelo de negocio: Estructura de costos

Gastos operativos de la tienda minorista

A partir del año fiscal 2023, Zumiez reportó gastos operativos totales de la tienda de $ 292.1 millones. El desglose incluye:

Categoría de gastos	Monto ($)
Alquiler y ocupación	127.6 millones
Utilidades	18.3 millones
Mantenimiento de la tienda	22.4 millones
Otros costos operativos	123.8 millones

Adquisición y gestión de inventario

Los costos de gestión de inventario de Zumiez para 2023 totalizaron $ 413.2 millones, con los siguientes componentes clave:

• Costo de bienes vendidos (COGS): $ 358.9 millones
• Gastos de adquisición de inventario: $ 54.3 millones
• Inventario de inventario: $ 8.5 millones

Salario de empleados y capacitación

Gastos totales relacionados con el trabajo para el año fiscal 2023:

Categoría de gastos	Monto ($)
Salarios y salarios totales	245.7 millones
Beneficios para empleados	37.8 millones
Capacitación y desarrollo	5.2 millones

Inversiones de marketing y publicidad

Gastos de marketing para el año fiscal 2023:

• Gasto total de marketing: $ 42.6 millones
• Marketing digital: $ 18.3 millones
• Publicidad tradicional: $ 12.7 millones
• Campañas promocionales: $ 11.6 millones

Tecnología y mantenimiento de la plataforma digital

Gastos relacionados con la tecnología para el año fiscal 2023:

Categoría de gastos tecnológicos	Monto ($)
Mantenimiento de la plataforma de comercio electrónico	15.7 millones
Infraestructura	9.3 millones
Actualizaciones de software y tecnología	7.2 millones
Ciberseguridad	3.8 millones

Zumiez Inc. (Zumz) - Modelo de negocios: flujos de ingresos

Ventas de tiendas minoristas

Zumiez reportó ventas netas de $ 1.07 mil millones para el año fiscal 2022. Las ventas de tiendas minoristas físicas representaron una parte significativa de este ingreso.

Año fiscal	Ventas netas totales	Porcentaje de ventas de tiendas minoristas
2022	$ 1.07 mil millones	Aproximadamente el 65%

Ventas de productos de comercio electrónico

Las ventas en línea representaron el 35% de las ventas netas totales en el año fiscal 2022, con ingresos digitales que alcanzaron aproximadamente $ 375 millones.

Canal de ventas digital	Ganancia	Índice de crecimiento
Ventas de comercio electrónico	$ 375 millones	3.2% año tras año

Mercancía de etiqueta privada

Los productos de etiqueta privada contribuyen aproximadamente al 20-25% de los ingresos totales del producto.

• Las marcas internas incluyen: 686, Volcom, Electric
• Margen bruto de etiqueta privada: 45-50%

Colecciones de ropa estacionales

Las colecciones estacionales generan ingresos significativos, con ventas máximas durante los períodos de regreso a la escuela y de vacaciones.

Estación	Contribución de ingresos estimada	Período de ventas máximo
De regreso a la escuela	25-30% de los ingresos anuales	Julio-septiembre
Temporada de vacaciones	20-25% de los ingresos anuales	Noviembre-diciembre

Accesorios y líneas de productos complementarias

Los accesorios y los productos complementarios generan aproximadamente el 15-20% de los ingresos totales.

• Ventas de equipos de skateboard
• Accesorios de calzado
• Ropa de cabeza de marca
• Accesorios tecnológicos

Zumiez Inc. (ZUMZ) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Zumiez Inc. over other options, grounded in their late 2025 operational reality. These value propositions are what drive their financial results, like the 7.5% increase in third-quarter revenue to $239.1 million for the quarter ended November 1, 2025.

Curated, trend-forward selection of action sports and streetwear gear.

Zumiez Inc. focuses on a specific product mix that resonates deeply with its core youth demographic. This mix includes apparel, footwear, accessories, and hardgoods like skateboards and snowboards. The company's private label offerings are a significant part of this curation, accounting for nearly 28% of total sales in 2024. This focus on proprietary and curated third-party goods is clearly working, as private label performance reached the highest penetration levels in company history during the third quarter of fiscal 2025. The North American business, their largest market, showed particular strength, posting a 10.0% comparable sales increase in Q3 2025.

Product Category (2024 Context)	Percentage of Sales
Apparel	52.3%
Footwear	22.7%
Accessories	15.4%
Hard Goods	9.6%

Authentic lifestyle experience for youth seeking self-expression.

The value proposition is tied to the culture itself, not just the merchandise. This authenticity helps drive traffic and sales, evidenced by the 7.6% increase in comparable sales for the third quarter of 2025. The company operates 728 stores globally as of November 1, 2025, which serves as the physical touchpoint for this lifestyle experience. For the first six months of fiscal 2025, total net sales grew 2.9% to $398.6 million, showing the experience is still connecting despite broader retail pressures. The company is actively optimizing its footprint, planning to close approximately 21 stores in fiscal year 2025.

Exclusive and limited-edition product collaborations.

Creating scarcity through partnerships is a recognized tactic to drive immediate demand and buzz. While specific late-2025 collaboration figures aren't detailed, the strategy is a known component of their marketing mix. The success of their curated assortment, including private label strength, suggests this exclusivity strategy is integrated into their product flow. The overall comparable sales growth of 7.6% in Q3 2025 supports the effectiveness of their merchandise strategy, which includes these special drops.

Knowledgeable staff who share customer passions and culture.

The in-store staff acts as a cultural bridge, a key differentiator from big-box retailers. This connection with the customer base is crucial for driving sales per transaction. The company's North American comparable sales growth of 10.0% in Q3 2025 highlights strong execution in their core market, where store associates are most critical. The focus on a niche market means employees are expected to be authentic participants in the culture they sell. You need to ask if the training budget supports this specialized knowledge base.

Full-price selling strategy that maintains brand equity.

Maintaining brand equity means avoiding heavy markdowns, which is directly reflected in margin performance. The focus on full-price selling in Q3 2025 resulted in a significant gross margin expansion. The gross margin for the third quarter of 2025 reached 37.6%, up from 35.2% in the prior-year quarter. This operational efficiency is a direct financial outcome of successfully selling products at or near their intended price point. The company projects year-over-year total sales growth between 4.5% to 5% for the full fiscal year 2025, suggesting confidence in maintaining this pricing discipline.

• Q3 2025 Gross Margin: 37.6%
• Q3 2024 Gross Margin: 35.2%
• Q3 2025 Operating Profit: $11.8 million (or 4.9% of sales)
• Fiscal Year 2025 Total Sales Growth Expectation: 4.5% to 5%

Zumiez Inc. (ZUMZ) - Canvas Business Model: Customer Relationships

You see the core of Zumiez Inc.'s customer relationship strategy is deeply rooted in its physical footprint and the people within those stores. The company aims for a highly personalized experience, which is a key differentiator in today's retail landscape. This is supported by a network of locations that serve as cultural hubs for their target demographic.

The in-store experience relies on staff, often called Zumiez Stash Members, who are expected to embody the action sports and streetwear culture. While specific data on employee engagement scores isn't public, the company's focus on comprehensive training programs is designed to foster this passionate staff interaction. You can see the scale of this physical presence in the store count, even as the company optimizes its footprint.

Metric	Value	Date/Period
Total Retail Stores Operated	728	As of November 29, 2025
North America Stores	569	As of November 29, 2025
Planned Store Closures in Fiscal 2025	Approximately 21	Fiscal 2025
Online Store (zumiez.com) Annual Sales (GMV)	US$211 million	2024
Projected Online Store Growth (zumiez.com)	0-5%	2025 Forecast
Online Store Conversion Rate (zumiez.com)	2.5-3.0%	2024

Community building is another pillar, often executed through grassroots marketing events and sponsorships that immerse the brand in the lifestyles it represents. These efforts are designed to build a strong identity with the customer base. The success of the merchandise assortment, evidenced by strong comparable sales growth, suggests these cultural connections are resonating.

Digital engagement is where you see the modern reach extending beyond the mall. Zumiez Inc. uses its ecommerce presence and various social network channels to increase brand awareness. The Q3 Fiscal 2025 results showed North America comparable sales up 10.0%, indicating strong digital and in-store synergy in that key market.

The focus on long-term loyalty is formalized through the tiered loyalty program, The Zumiez Stash. This program rewards members not just for spending but also for engagement activities, moving beyond simple transactional discounting. The growth in private label penetration supports a focus on owned brands and customer stickiness; private label penetration reached just under 31% of total product in Q3 2025, a significant jump from 11-12% five years prior.

For self-service, the robust e-commerce platforms are crucial. Customers use zumiez.com, zumiez.ca, blue-tomato.com, and fasttimes.com.au to shop independently. The fact that Fashion accounted for 82% of sales on the largest online store in 2024 shows the high adoption of this digital channel for core product categories. The overall comparable sales growth of 7.6% in Q3 Fiscal 2025, marking the sixth consecutive quarter of growth, shows that both the physical and digital service models are currently driving traffic.

You should note the following key customer-driven performance indicators:

• Q3 Fiscal 2025 Comparable Sales Growth: 7.6%.
• North America Comparable Sales Growth in Q3 Fiscal 2025: 10.0%.
• Private Label Penetration: Just under 31% of total product as of late 2025.
• Total Net Sales for Q3 Fiscal 2025: $239.1 million.

Zumiez Inc. (ZUMZ) - Canvas Business Model: Channels

You're looking at how Zumiez Inc. gets its product into the hands of its core customer base as of late 2025. It's a mix of physical presence and digital reach, which is key for this lifestyle retailer.

Physical Retail Stores

The brick-and-mortar footprint remains central, though the company is actively managing its store base through openings and closures as part of its fiscal 2025 plan. As of November 29, 2025, Zumiez Inc. operated a total of 728 stores globally under its various banners. This network is spread across North America, Europe, and Australia.

Here is the breakdown of the store count by geography as of that late-November date:

Region	Store Count (as of Nov 29, 2025)
United States	569
Canada	46
Europe	85
Australia	28
Total Global	728

For the full fiscal 2025, management indicated plans to open approximately 6 new stores (5 in North America and 1 in Australia) while simultaneously planning to close 21 stores (up to 18 in the US, 1 in Canada, and 2 in Europe). To give you a sense of the European segment, the Blue Tomato banner specifically operated 90 stores across nine European countries as of early 2025.

E-commerce Websites

The digital side is crucial, operating through three main domains: zumiez.com, blue-tomato.com, and fasttimes.com.au. The flagship zumiez.com site showed signs of a digital turnaround heading into the end of the year.

For context on the performance of the main site:

• zumiez.com annual sales (GMV) in 2024 were reported at $211M.
• The forecast for 2025 projected annual growth for zumiez.com in the range of 0-5% compared to 2024.
• Revenue for zumiez.com in October 2025 was $7,997,425.
• Revenue for zumiez.com grew by 14% over the three months preceding the October 2025 report, compared to the prior three months.
• The Blue Tomato online shop attracts up to 125,000 visitors daily.

Mobile Application and Digital Engagement

Zumiez Inc. supports its channel strategy with a dedicated mobile application. This app serves as a primary touchpoint for shopping and accessing the loyalty program. While the specific active user counts or transaction volumes through the app for late 2025 aren't public, its function is clearly defined in the strategy.

Social Media Platforms

Social media channels are used heavily for brand discovery and communicating the latest trends relevant to action sports and streetwear culture. The company relies on these platforms to engage its young demographic, though specific engagement metrics or follower counts for late 2025 aren't readily available in the latest filings.

Omni-channel Services

The integration between physical and digital is supported by omni-channel services. A key example of this is the availability of services like Buy Online, Pick-up In Store (BOPIS). This helps bridge the gap between digital browsing and immediate gratification in the physical store environment.

Zumiez Inc. (ZUMZ) - Canvas Business Model: Customer Segments

You're looking at the core of Zumiez Inc.'s business, which is laser-focused on a very specific, trend-driven consumer. This isn't about mass appeal; it's about capturing the wallet share of the youth culture.

Core youth demographic: teenagers and young adults (Gen Z/young millennials).

The entire merchandising and store experience is built around this group. The CEO confirmed that the primary focus remains on serving this core consumer who values self-expression and individuality. This demographic is the engine driving the recent financial upticks. For instance, the North American business, which caters heavily to this core, showed significant strength, posting a 10.0% comparable sales growth in the third quarter of fiscal 2025, which ended November 1, 2025. That strong performance helped push the third-quarter Earnings Per Share to $0.55.

Action sports enthusiasts (skate, snow, surf) and streetwear followers.

Zumiez Inc. defines itself by offering apparel, footwear, accessories, and hardgoods tied to these specific lifestyles. The product mix reflects this niche. A key indicator of success within this segment is the performance of the company's proprietary products. Private label products have become a standout success story, reaching the highest penetration levels in company history as of the third quarter of 2025. Specifically, private label sales represented just under 31% of total sales in Q3 2025, a massive jump from the 11-12% penetration seen five years prior.

Trend-conscious consumers prioritizing individuality and brand authenticity.

These customers are looking for authenticity, which Zumiez Inc. tries to deliver through a curated mix of brands. The strategy involves introducing over 100 new and emerging brands annually to keep assortments fresh and trend-forward. This focus on unique offerings helps attract customers who pay full price, supporting Average Unit Retail (AUR) increases.

North American market, which drove 10.0% comparable sales growth in Q3 2025.

The North American segment is clearly the primary driver of recent financial success. The 10.0% comparable sales increase in Q3 2025 for North America was a key highlight. To give you a sense of the scale, as of August 30, 2025, the company operated 730 stores globally, with 570 of those located in the United States. The North American segment's performance is crucial, especially when compared to international markets, which faced more challenging conditions.

Here's a quick look at the geographic and key performance indicators related to this customer base as of late 2025:

Metric	Value/Percentage	Period/Date
North America Comparable Sales Growth	10.0%	Q3 Fiscal 2025
Total Global Stores Operated	730	August 30, 2025
Private Label Penetration of Sales	Just under 31%	Q3 Fiscal 2025
Q3 Fiscal 2025 Net Income Per Share	$0.55	Q3 Fiscal 2025
North America Net Sales	$202.8 million	Q3 Fiscal 2025

The company's customer focus is also reflected in product category performance, though not all segments are perfectly aligned with the core demographic's current spending:

• Hard goods was the strongest comping category quarter-to-date (as of December 2, 2025).
• Women's, accessories, and men's categories also showed positive comparable sales growth for the 31-day period ending December 2, 2025.
• Footwear was the only category with negative comparable sales performance in that same period.

Zumiez Inc. (ZUMZ) - Canvas Business Model: Cost Structure

The Cost Structure for Zumiez Inc. is heavily weighted toward the cost of the merchandise itself, followed by the fixed and variable costs associated with its physical store footprint and corporate operations. You see a clear focus on margin leverage across several cost categories as a primary driver of profitability in late 2025.

Cost of Goods Sold (COGS) for merchandise inventory is managed through product margin expansion efforts. For the third quarter ended November 1, 2025, the gross margin stood at 37.6%. Inventory levels as of November 1, 2025, were $180.7 million, representing a decrease of 3.5% compared to the prior year period. Management anticipated product margin growth of 40 to 50 basis points for the full fiscal year 2025.

Store occupancy costs (rent, utilities) leveraged by higher sales provided significant operating leverage in the third quarter. The leverage in store occupancy costs contributed 110 basis points to the gross margin improvement year-over-year for Q3 2025. This leverage is a direct result of store portfolio optimization, which included closing approximately 21 stores planned for fiscal 2025.

Selling, General, and Administrative (SG&A) expenses for the third quarter of fiscal 2025 were $78 million, which represented 32.7% of net sales. This was an improvement from 34.1% of net sales in the prior year quarter. Zumiez Inc. believed it could hold 2025 SG&A costs relatively flat as a percentage of sales compared to fiscal 2024 results through expense management.

Employee wages and incentive compensation form a key component within SG&A. While store wages were leveraged due to higher sales, SG&A was offset by higher incentive compensation reflecting stronger performance. Furthermore, the first nine months of fiscal 2025 included a negative impact of $3.6 million related to the settlement of a wage and hour lawsuit in California.

The company is maintaining a disciplined approach to physical expansion, which directly impacts capital deployment. Capital expenditures projected between $10 million and $12 million for fiscal 2025 reflects a reduction from the $15 million spent in fiscal 2024 and $20.4 million in fiscal 2023. For context, capital expenditures through the first three quarters of fiscal 2025 totaled $12.5 million.

Here are the key cost-related financial figures from the third quarter and outlook:

Cost Component/Metric	Amount/Percentage	Period/Context
SG&A Expense	$78 million	Q3 2025
SG&A as Percentage of Sales	32.7%	Q3 2025
Gross Margin	37.6%	Q3 2025
Store Occupancy Leverage	110 basis points	Q3 2025 Gross Margin Driver
Projected Fiscal 2025 CapEx	$10 million to $12 million	Fiscal Year 2025 Outlook
CapEx Year-to-Date	$12.5 million	Through November 1, 2025
Inventory Balance	$180.7 million	As of November 1, 2025
Wage Lawsuit Settlement Impact	$3.6 million	Impact on first nine months of fiscal 2025 net results

You should note the planned store closures as a cost management strategy:

• Planned store closures for fiscal 2025: approximately 21 stores.
• Planned US store closures in fiscal 2025: up to 18 stores.
• Planned Canada store closures in fiscal 2025: 1 store.
• Planned Europe store closures in fiscal 2025: 2 stores.

The company expects to open 6 new stores in fiscal 2025.

Zumiez Inc. (ZUMZ) - Canvas Business Model: Revenue Streams

You're looking at how Zumiez Inc. actually brings in the money right now, late in 2025. It's fundamentally about retail transactions across their physical stores and e-commerce sites.

The core of the revenue stream is the retail sales of apparel, footwear, accessories, and hardgoods. This mix is key, though category performance shifts; for instance, footwear was the only category with negative comparable sales in Q3 2025, while women's and hardgoods showed strong double-digit comparable growth.

Here are the top-line numbers from the most recent reported quarter and year-to-date period:

Metric	Amount/Value
Q3 2025 Net Sales	$239.1 million
Fiscal YTD (9 months) Net Sales	$637.7 million
Q3 2025 Comparable Sales Growth	7.6%
North America Q3 2025 Comparable Sales Growth	10.0%

A significant driver in margin improvement and revenue quality is the focus on higher-margin private label merchandise. This strategic push has seen penetration increase substantially over the last few years.

• Private label penetration year-to-date Q3 2025: just under 31% of total product sales.
• Private label penetration in Q2 2025: 30% of total sales.
• Private label penetration five years ago: 11%-12%.

The company is also seeing success from driving full-price sales, which directly supports a higher Average Unit Retail (AUR). This indicates customers are buying items at less discounted rates, which helps the bottom line. The consolidated increase in comparable sales for Q3 2025 was driven by an increase in dollars per transaction, which was, in turn, driven by an increase in Average Unit Retail (AUR).

To give you a clearer picture of the revenue breakdown by geography for the quarter:

Region	Q3 2025 Net Sales
North America	$202.8 million
Other International	$36.3 million

Finance: confirm the Q4 2025 guidance revenue midpoint aligns with the 4.5% to 5% full-year sales growth target by end of week.